Tagged: statistics

Property Selection for analysis & Statistics in Appraisals - Appraisers Blogs 11

Property Selection for Analysis & Statistics

The importance of proper property selection and ‘statistics’ in appraisals… Appraisers, I would like to direct you to info written by Mr. George Dell in his latest blog post circulated on July 3, 2019. This is one of the best explanations I’ve seen him write on this topic, of how to select and analyze properties when doing appraisals, and why correct ‘statistics’ presented in reports is important. I first became aware of the importance of proper property selection and ‘statistics’ when I attended an appraiser’s training class in 2008 in Las Vegas. The primary speakers were Mr. David Braun and Mr. Patrick...

Appraisal / Appraisal News / Appraisers News

Should Appraisers Study Statistics? - Beyond the Old Inferential Statistics 11

Should Appraisers Study Statistics?

Yet what was (and still is) presented in appraiser education is the old inferential statistics. Difficult statistics. Convoluted statistics. Statistics for appraisers started to become a hot topic some 15+ years ago. I was more involved with the Appraisal Institute then, and often argued that with the changes in data sources — appraisers would have to learn to apply statistics. Around 2003, the AQB (Appraiser Qualifications Board) revised qualifying education to include the requirement for Finance, Statistics, and Valuation Modeling class. Although I was not solicited to write this class, I was put on the development team, which reviewed and suggested edits and improvements. The...

Appraisal / Appraisal News / Appraisers News

Skeptics, traditional, vocational or advanced appraiser. What kind are you? 31

What Kind of Appraiser Are You?

Skeptical skeptics are a rare breed. But growing in number… Different appraisers have different attitudes! Some have a lot of experience, others a lot of education. Others emphasize the ‘art’, while others consider themselves ‘quants’. Let’s put aside the ‘art’ versus ‘science’ discussion, where the artists say: “No computer will ever replace the appraiser”, or “No amount of education will ever replace experience”. The other side seems a bit confused. There are traditionalists. And there are the “advanced” appraisers. And there are the “vocational” appraisers, who don’t seem to care much about all of this. They just want to push through as many reports as possible. The skeptics tend to doubt...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

Stolen Appraisals Class Action - Theft of Appraisers' Data 87

Theft of Appraisers’ Data

…they charge appraisers an upload fee for the privilege of having their data stolen… I would never allow my data to be used for or by a service that specifically uses to create, modify or enhance products designed to compete with my professional services to the detriment of my business and profession. THAT is something that the Fifth Circuit Court of Appeals identified when they found that CoreLogic’s subsidiary FNC STOLE appraisers data after promising them data security. FNC stole data. We now know FNMA also stole data. Alamode is delving into individuals own personal databases in order to even...

a la mode / AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Software

Crystal Balls Don’t Work When Reporting Market Trends! Nor does the MC Form! 8

Crystal Ball & PFA Techniques

PFA figures & opaque crystal balls don’t work when reporting market trends! Nor does the MC Form! Appraisers, by now you’ve heard that FNMA finally has decided that their 1004MC form is basically worthless. That form is no longer required in appraisal reports for properties sold to FNMA, as of August 7, 2018. poorly designed form which never has reported accurate trends…However, sidekicks in mortgage lending have not come to the same conclusion… yet. Hopefully, in short time, they will also remove the MC ‘inclusion’ requirement in reports of this awful, poorly designed form which never has reported accurate trends – despite the...

1004MC / Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Uniform Standards of Professional Appraisal Practice

Statistics of Growth & Income : Appraisal Profession to Grow! - Appraisers Blogs 7

Appraisal Profession to Grow!

According to the Bureau of Labor Statistics, the Appraisal Profession is expected to grow 14% by 2026 Quick Facts: Appraisers and Assessors of Real Estate 2017 Median Pay $54,010 per year $25.97 per hour Typical Entry-Level Education Bachelor’s degree Work Experience in a Related Occupation Long-term on-the-job training Number of Jobs, 2016 80,800 Job Outlook, 2016-26 14% (Faster than average) Employment Change, 2016-26 11,700 Even the Bureau of Labor Statistics understands the importance of the appraiser visiting the property: Although appraisers and assessors of real estate work in offices, they often spend a large part of their day visiting properties....

Appraisal / Appraisal News / Appraisers News / Video

FHFA Working Paper Credibility Questioned by AGA 10

Working Paper Credibility Questioned

NO REAL ESTATE APPRAISER IN THE COUNTRY IS ALLOWED TO MISS THE MARK BY 7.8% WITHOUT RISKING LOSS OF LICENSE! The Working Paper demonstrates more than anything else, that given an 8-hour work day the computer will take 6 full working days (1.2 working weeks) to arrive at a result that is at best 7.8% error prone. Office of the Director, Honorable Melvin Watt Federal Housing Finance Agency… Dear Sir(s) The American Guild of Appraisers is a Guild within the more than 12 1/2 million members, retirees and family members of our parent union OPEIU, AFL/CIO. In addition to representing...

AGA / AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

Pendings Can Reveal Market Trends - Use of Graphs in Appraisal Reports 5

Graphing Using Spreadsheet – Including Pendings

Pendings can reveal market trends, turns and current activity… Appraisers, How many of you use visual graphs in your reports to demonstrate sales (and Pending) trend data? This can be a very important tool to convince your clients that you really have a good understanding of current valuation issues. I am indebted to David Braun, Patrick Egger, Steve Smith, George Dell, Anthony Young and Joe Lynch (among others) for their presentations about this key feature we can utilize. Frankly, using spreadsheets and their built-in graphing functions is something every appraiser should learn. I bring this up because an appraiser peer was...

Appraisal / Appraisal News / Appraisers News / Tutorials

The 1004D for Disaster Inspections 8

The 1004D for Disaster Inspections – Advice

When Disaster Happens… Appraisers, The phrase “disasters happen” is, unfortunately, all too common. Fires, floods, vehicle accidents, wind storms, hurricanes, tornadoes are all factors that can affect real property. When a local disaster happens, and is officially declared, lenders often ask appraisers to observe the current condition of their mortgaged properties. The assignment date may be days, weeks or months after the declared disaster. The hiccups, hang-ups and head scratching occurs when the lender or AMC asks for a ‘Disaster Inspection Condition Report’ to be done on the wonderful 1004D form. Something it is not designed to do. And this...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice

An Appraisal Profession Tsunami is Coming 16

An Appraisal Profession Tsunami is Coming

TSUNAMI! Before the Internet and YouTube, most of us read about or saw a few pictures of Tsunami’s in books. Reading about a tsunami though, will never be the same as actually being in a tsunami, or seeing a video of a tsunami. A YouTube video of the Japanese tsunami of 2011 truly captures what a tsunami is, and how destructive it can be. If you have never seen that video, take a look at it below. People die in tsunamis. Tsunami death pictures can be found all over the internet. But who were those people and why did they...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News

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